12:16 pm EDT:  This probably will come as no surprise, with equities retracing nearly all of yesterday’s gains, but some of the leaders’ action is truly astonishing.  Namely, in the EuroYen, which has now traced out three days of serial reversals, each of which has been at least 2.7 big points.  30 Year T-Bond futures have nearly broken out of the downward channel decisively and the 10 Year has made new highs for the week.  This pretty much negates the bull’s Hail Mary to new highs we wrote as a possibility in the morning report.  It probably does not help that the NYSE has had quote dissemination problems all morning.